Canadian Market Notably Lower On Widespread Selling

(RTTNews) - The Canadian market is down firmly in negative territory a little past noon on Monday with stocks from several sectors recording sharp losses due to sustained selling pressure as investors await fresh economic data for clues about the outlook for Fed interest rates.

Shares from materials, energy, technology, utilities and communications are among the major losers. Several stocks from real estate, financials and healthare sectors are weak as well.

The benchmark S&P/TSX Composite Index is down 137.13 points or 0.63% at 21,501.97 a few minutes past noon.

Shopify Inc (SHOP.TO), Pembina Pipeline Corporation (PPL.TO), Boyd Group Services (BYD.TO), CCL Industries (CCL.B.TO), West Fraser Timber (WFG.TO), Constellation Software (CSU.TO), goeasy (GSY.TO), Colliers International (CIGI.TO), Franco Nevada Corporation (FNV.TO) and Fairfax Financial Holdings (FFH.TO) are down 1 to 3.3%.

Hudbay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Lundin Mining Corp (LUN.TO), B2Gold Corp (BTO.TO), MAG Silver Corp (MAG.TO), Kinross Gold (K.TO), Enerplus Corp (ERF.TO) and Baytex Energy (BTE.TO) are down sharply.

BRP Inc (DOO.TO) is gaining 2.3%. Canadian Pacific Kansas (CP.TO), AtkinsRealis Group (ATRL.TO), Celestica Inc (CLS.TO), RB Global (RBA.TO), Bombardier (BBD.B.TO) and EQB Inc (EQB.TO) are also notably higher.

Primo Water (PRMW.TO) is gaining 3.6%. Primo Water and an affiliate of BlueTriton Brands have agreed for a merger in an all-stock transaction that will create a North American healthy hydration company. Upon closing, Primo Water shareholders and holders of incentive equity will own 43% of the fully diluted shares of the newly combined company with BlueTriton shareholders owning the remaining 57%.

On the economic front, data from the Canada Mortgage and Housing Corporation showed housing starts in Canada increased to 264,500 units in May from 241,100 units in April.